Based on replies from more than 23,000 participants, the survey also reveals a 43% rise in the proportion of women buying individual insurance.
Based on statistics from a poll by insurance aggregator Policybazaar.com, there has been a notable increase in the number of women acquiring health insurance in FY24 as compared to the prior year. It appears to indicate that women are becoming more financially independent and health-conscious.
Based on replies from more than 23,000 participants, the poll revealed that the percentage of women with health insurance increased by 40% from FY23 to FY24. In addition, there was a 43% rise in the proportion of women buying individual coverage.
According to the report, women are becoming more aware of the value of being financially prepared for unforeseen events. This is demonstrated by the significant increase in women choosing coverage beyond Rs 25 lacs and the decrease in the percentage of women selecting a sum covered under Rs 25 lacs. The poll also revealed a positive trend, with a rise in policyholders from Tier-2 and Tier-3 cities, regarding the penetration of health insurance coverage outside of urban areas. This points to the democratization of healthcare access by giving women in formerly underserved areas access to insurance coverage.
Younger women in particular are showing a proactive attitude toward health, as seen by the rise in policyholders under 40. The percentage of policyholders in the 51–60 and 60+ age groups, however, declined, calling for more successful awareness campaigns and products that target these demographics.
In the meantime, there was a notable rise in both maternity insurance and critical illness coverage. Again highlighting the necessity for gender-specific insurance, the claims data from policyholders identified women-centric health conditions such as fibroids, breast, and cervical cancer as the top four reasons for claims settlements.
Women’s health insurance trends are changing, with a strong increase in independent coverage and a focus on proactive wellness. This indicates that there is an increasing need for policies that address health concerns specific to women. Experts in health insurance assert that the sector has a chance to expand its reach and personalize its products in order to help women advance toward better health and financial stability.
“Women are increasingly focussing on their health and financial security. It is reflective in the 40% growth in independent health insurance adoption by women in the past year,” Siddharth Singhal, Business Head at Policybazaar.com, commented.
